Market and Business News

- Cryptocurrency worth about 8,600 sent to NFT Marketplace in the fourth quarter from a restricted address - In the NFT marketplace, there was an incident where the value of digital assets was artificially increased by 'wash trading'. Cryptocurrency as well as non-fungible tokens (NFT) are becoming a headache for the government. This is because the NFT is being suspected of being misused by terrorist groups and criminals for money laundering and hawala-based transactions. Money laundering is on the rise due to NFT buying and selling. According to a report by blockchain data platform Chainalysis, a small portion of their operations at the NFT marketplace are growing rapidly, which could be attributed to money laundering. Of course, it is difficult to determine the extent of money laundering in real estate. According to a report, in the third quarter of 2031, value sent to NFT Marketplace by unknown or illegal addresses increased significantly, surpassing the કર 1 million cr...

MUMBAI: The Nasdaq Composite Index of the US equity market on Friday showed an ominous "death cross" formation on the technical charts, the first time since the April 2020 epidemic, a report said. The Corona shook the global economy in April 2020, and American equity markets collapsed. On Friday, the Nasdaq was down 1.4 per cent, or 12.5 per cent, to close at 16.05. The index is currently down 15 per cent from its November 2016 high. The pattern used by some investors to shape the long-term movement of the equity market weakened further on Friday. Nasdaq's 30-day moving average fell below the 200-day moving average. The formation was first seen during the dot com bubble in June 2000 and in January 2008 during the 2008 financial crisis, the report said. "In the language of analysts, the 'death cross' does not always mean that the situation is bleak, but we can say that we are in favor of a possible reduction," said one analyst. The US Federal Reserv...

MUMBAI: India's foreign exchange reserves have declined once again. For the week ended February 11, 2009, reserves fell by ૭૬ 1.6 billion to. 20.12 billion. However, the value of gold reserves has increased during this period and it has increased by ૫૨ 25 million to ૨૩૫ 20.8 billion. According to the weekly data released by the Reserve Bank of India, foreign exchange reserves rose by ૯ 2.18 billion to ૬૩ 21.7 billion in the week ended February 8, 2008. Significantly, on September 6, 2021, the foreign exchange reserves reached a record high of 2.7 billion. The main reason for the decline in foreign exchange reserves last week was mainly the decline in foreign currency assets (FCAs), which account for a significant portion of total currency reserves. According to the Reserve Bank, India's FCA fell by ૭૬૪ 4.5 billion to ૫૬ 4.5 billion in the reporting week. Foreign currency assets, which account for a significant share of total foreign exchange. Depreciation of global currenc...

(Gujarat News Office) MUMBAI: The bullion market in the Mumbai jewelery market was officially closed today due to Saturday. However, gold and silver prices were higher in the closed market. World gold and silver prices rose over the weekend, while platinum, palladium and copper declined. There were indications that tensions between Russia and Ukraine were continuing. This led to increased fund buying in global gold. World gold prices rose from ૮૯ 161 to ૮૯૨ 16 an ounce to ૮૯૮ 12-13 an ounce. Behind gold were indications that global silver prices rose from ૭૯ 7.5 an ounce to ૯૫ 4.5 to ૦૦ 8.00 an ounce. Gold-silver prices were higher today as import costs rose behind the world market. Russia-Ukraine tensions, meanwhile, have led to a slowdown in prices of industrial metals such as copper, platinum and palladium. Platinum traded lower at ૮૮ 105 to ૮૯ 105 an ounce, down from ૭૨ 105 to ૭૩ 105 over the weekend. Palladium prices, meanwhile, were hovering around થી 60 to ૨૩૭ 71, down from 6...

(Gujarat News Office) MUMBAI: The Mumbai oilseeds market rallied today. The market is in top gear and prices are expected to rise further, experts said. The world market has seen a boom. Manufacturing establishments have also been raised. In the Mumbai spot market, the price of 10 kg of cingulum oil and cottonseed oil rose by Rs 150 and Rs 150 respectively. On the Saurashtra side, the price of cingulum oil was Rs 150 and 15 kg was Rs 2140 to Rs 2140 and cotton washed was Rs 1300. In the Mumbai market, palm oil prices rose to Rs 1,200. There have been 200 to 300 deliveries of various refineries. Crude palm oil CPO Kandla was up by Rs 15. Soyoil was up by Rs 1,415 for digam and Rs 15 for refined. In the US overnight trade, soyoil prices were up 5 to 6 points. As a result, experts are now showing the possibility of Malaysia Palm Oil opening higher on Monday. In the Mumbai market, the price of sunflower rose from Rs 150 to Rs 15 and refined to Rs 150. Mustard prices rose to Rs 150 and r...

(Gujarat News Correspondent) MUMBAI: Amid rising tensions between Russia and Ukraine, geopolitical tensions erupted on Saturday morning, with the risk factor and inflation in the US hitting a 20-year high of 7.5 per cent. The situation is getting out of control. U.K. After raising interest rates twice, it is now imperative for the US Federal Reserve to raise interest rates. At the moment, global stock markets are currently feeling the effects. International crude oil prices have risen sharply, with Brent approaching the 5 level. But reports of dated deals in crude oil at ૦૦ 100 have given rise to an undertone rise in crude oil and inflation is likely to rise further in the coming days. Sufficient efforts are being made to keep the sentiment at bay. However, distribution-selling is becoming widespread in the side markets i.e. small, mid-cap stocks and a number of other cash stocks, showing index-based narrow fluctuations. In view of this, it is advisable to stay away from new purchases...

- Union Minister Hardeep Singh Puri said last week that the economy was sliding towards ટ્ર 5 trillion. - Relying on Gig Economy India's efforts to realize the dream of a five trillion dollar economy are not to be laughed at. India's economic system is improving and it is gaining a reputation in the world as the fastest growing economic system India's efforts to achieve the dream of a five trillion dollar economy are not to be taken lightly. India's economic system is improving and it is gaining a reputation in the world as the fastest growing economic system. Everyone has the right to dream, but when India dreamed of a five trillion dollar economy, many economists labeled it as Sheikh Challi's idea. Corona virus shattered India's dreams. Yet India continued to strive to realize its પાંચ 5 trillion dream. Take a look at some statistics here. 1 ... While the foreign exchange reserves of countries like Brazil, South Africa, Turkey and Pakistan are sitting at...

- There are many reasons why the private sector is moving away from investing There was a time when the current ruler was interested in private sector led development. It was claimed that the government would step down and play the role of director where necessary. Confidence in the private sector has now waned and the emphasis is on government-led development. Special emphasis has been laid on government capital expenditure in the budget for the financial year 206-2. Gears changed The country's finance minister claimed that the government had spent more capital than estimated in 2021-22. The revised figure of capital expenditure has been set at Rs 2,09,611 crore against the budget estimate of Rs 2,3,8 crore. However, after reading the fine print, something different was seen. The revised figures include Rs 4,151 crore deposited in Air India. The money was sent to pay off its previous loans and liabilities before the privatization of Air India. I don't know if repaying a ...

Small, Mid Cap, Foreign Funds in Cash Stocks, Extensive Distribution of Players (Gujarat News Correspondent) MUMBAI: Amid concerns over Russia's attack on Ukraine, despite the easing of tensions in the Ukraine-Russia war, US stocks fell by 6 points on the Dow Jones and Nymex 202 points on Friday. Continuous caution eased bullish trade. Nymex crude fell ૨૨ 4.5 to ૫૪ 6.5 a barrel and Brent crude fell ૨૪ 4.5 to ૯ 20.8 a barrel, after falling international crude oil prices. Markets in Asia-Europe countries saw a mixed trend today. In Indian stock markets, foreign funds, experts, operators continued to distribute-sell in small, mid-cap, cash stocks, showing Sensex, Nifty-based narrow fluctuations. So the marketbreadth was bad. Banking-Finance, Power-Capital Goods stocks, IT, automobile, oil-gas stocks and Sensex were down 3.06 points at 4.5 and Nifty was down 3.50 points at 19.50. The US dollar had lost 3 paise to Rs 4.5 against the rupee. Axis, State Bank, Kotak Bank, HDFC Bank stre...

Vehicle production in the March quarter will exceed pre-covid levels MUMBAI: Passenger vehicle manufacturers are planning to increase production by an average of 15-20 per cent in the March quarter as compared to the December quarter as the shortage of semiconductors eased. According to analyst and supplier estimates, if companies produce vehicles as planned, it is likely to exceed Corona's pre-production volume. Sales have been sluggish despite good demand in India due to declining production of car-passenger vehicles due to shortage of chips. According to SIAM data, sales of landing vehicles in India fell to 5.31 lakh units in the December quarter from 2.3 lakh units in the same quarter a year ago, the lowest in five years. Maruti Suzuki India plans to produce about 250,000 units of unloading vehicles in the current quarter, after manufacturing 2.8 units in the December quarter. Tata Motors is expected to produce 1.50 lakh units in the March quarter.

(Gujarat News Office) MUMBAI: Gold and silver prices rose sharply in the Mumbai jewelery market today on a bearish reaction. Gold prices in the world market were reported to be on a downward spiral after hitting an all-time high of ૯ 1,200 an ounce. Global gold prices hit a nine-month high. Gold prices rose to ૯ 1,200 a barrel as tensions between Russia and Ukraine rose again. After that, however, the boom seemed to erupt. Meanwhile, crude oil prices were also on the decline. Gold prices soared as world stock markets plummeted. Meanwhile, the dollar's sharp fall against the rupee in the domestic currency market today had a softening effect on the jewelery market. World gold prices rose to ૯ 1,200 from ૮૯ 161 to ૮૯૨ 16. Silver also fell sharply to 4.5 from 2.50. In the Ahmedabad market, gold prices fell by Rs 500 per 10 grams to Rs 31,600 from Rs 2.50 and Rs 21,200 from Rs 3.50. Ahmedabad silver was trading at Rs 50 per kg. Unemployment claims in the US were reported to have rise...

New Delhi: Once the Bilateral Free Trade Agreement comes into force, India will be able to export at least 50% of its goods to the United Arab Emirates duty free. Under the Comprehensive Economic Partnership Agreement (CEPA), India will be able to export an additional બે 2 billion worth of textiles over the next two years to the Gulf country and triple plastic exports. The treaty aims to increase bilateral trade from the current 20 billion to ૧ 100 billion over the next five years. It is expected to create more than five lakh jobs in India's gems and jewelery, textile, engineering products, pharmaceuticals, medical devices, automobiles, leather, sports goods and furniture sectors. About one lakh jobs are expected to be created in the UAE as well. India is keen to have a duty free market in the Gulf countries for pepper, spices, cheese, some organic chemicals and paper products. Exports of sporting goods and furniture to the UAE could also get zero tariff access, while India...

MUMBAI: Coal production could be cut if coal prices do not rise, warns Coal India. Any cut in coal production could affect the country's power supply. In addition to the increase in wages, the company claims that higher consumption of diesel in the equipment used to extract coal from the mine has resulted in higher overall cost of obtaining coal. It is difficult to operate some of its units without raising the price of coal, said Pramod Agarwal, chairman of the company, in an interview with analysts. Any increase in coal prices needs to be included in long-term agreements and this must be backed by the government. Rising coal prices could have an impact on the country's inflation and overall economy. About 90% of the total electricity generated in the country is coal based. In view of this fact, the government is forcing Coal India to ensure that supply is maintained. With the decline in coal production from the mines, the industrial consumers of coal, apart from the power...

MUMBAI: Foreign Institutional Investors (FPIs) 's current sell-off in Indian equities during the financial crisis of 2008 is much higher than the current figure of Rs. Net sales have been on the rise while FPIs continued to be net sellers during the financial crisis of 2008-09 from November 2009 to November 2009. In 2008 alone, foreign investors sold more than Rs 1 lakh crore worth of equities. In 2007, foreign investors sold more than Rs 1 lakh crore worth of equities Withdrawing its investment in equities in emerging markets, FPIs are now investing in commodities, an analyst said. Global crude oil prices are currently hovering around સપાટી 70 a barrel. Foreign investors continue to sell even in February and have so far sold Rs 15 crore. FPIs are withdrawing their investments from emerging market equities following a signal from the US Federal Reserve to raise interest rates. Retail investors, on the other hand, have been growing steadily as a result of the steady rise in eq...

MUMBAI: Any additional investment by Life Insurance Corporation of India (LIC) in its subsidiary IDBI Bank, which is preparing for the country's largest IPO, could adversely affect the financial position of the insurance company. The information came out in a draft red herring prospectus recently filed with market regulator SEBI for LIC's IPO. "Given the financial position and performance, we believe that IDBI Bank does not need to raise more capital at this time," the insurer told DRHP. If the bank needs additional capital before the expiry of the applicable five year period and it fails to raise funds, we will need to use the additional funds. However this can adversely affect our financial position and operational results. The five-year term given to IDBI Bank will expire in November, 207. On November 3, 2016, the RBI approved the acquisition of additional equity shares in IDBI Bank by LIC. According to the DRHP, the Life Insurance Corporation had in October 2...

MUMBAI: The country's aluminum smelters, textile mills, sponge iron and fertilizer manufacturers are claiming that they are facing a shortage of coal. Large quantities of coal are being diverted to power producers, leading to shortages by other consumers. On the other hand, the government is saying that there is no such problem. In a letter to the Prime Minister, various industry associations have urged the government to ensure proportional distribution of coal among power producers and other industrial users. More than 90% of the coal produced in the country is produced by Coal India. According to sources in the Aluminum Association of India, the problem has arisen due to the move to prioritize the allocation of coal to power producers and reduce its imports due to high coal prices. According to sources in the Coal Consumers Association of India, the supply of coal to industrial consumers outside the power sector has been lower than last year and the daily number of trains s...

MUMBAI: Telangana is witnessing a rise in prices of various varieties of red chillies due to a new germ attack. It is claimed that 90 per cent of the crops in Telangana have been damaged due to the germ attack. Currently, the prices of various varieties of red chillies have reached new highs. However, since farmers do not have goods, higher prices are unlikely to benefit them. Andhra Pradesh, another major market for red chillies, also witnessed a rise in prices, market sources said. About 2% of the country's production of red chillies is produced in these two states. Warangal is a major market for red chillies in the country. According to local market sources, the price of hot chillies is being quoted at Rs 15,000 against Rs 150. In addition, the price of US-21 has risen to Rs 4,000 while Wonder Hat is being traded at Rs 31,200 per quintal. Despite such high prices, farmers are not happy as their extensive crops have been damaged in Telangana, the sources added. Chili will be...

(Gujarat News Office) MUMBAI: The rupee depreciated against the rupee in early trade today. The dollar opened at Rs 4.50 today with a low of Rs 4.5 and fell below Rs 5 to close at Rs 4.05 after falling to Rs 4.5. The impact on the currency market was seen today as the stock market witnessed two-way fluctuations. According to market sources, the fall in global crude oil prices has also had a positive effect on the rupee. Meanwhile, the dollar's index against various major currencies in the world market has put domestic dollar pressure on the domestic market, the sources added. The dollar's global index, which is 7.5, was at a high of 7.05 today and a low of 6.5 to 7.5. European euro prices rose in world markets as tensions between Russia and Ukraine eased. The euro was up about 0.4 per cent at ૩૫૬ 1.15 against the dollar. Meanwhile, the British pound remained soft in the Mumbai market today. The pound was trading at Rs 101.10, down from Rs 102.10 to Rs 101.5. Despite rising ...

(Gujarat News Office) MUMBAI: Prices were volatile in the Mumbai oilseeds market today. Demand was slow. In imported palm oil, barely 100 tonnes were traded in hawala-resale. In Malaysia, palm oil prices were 9 points softer, while in the US, soyoil prices were projected to rise by Rs 4 to 5 points today. Meanwhile, there was news that the government has increased the tariff value used as a benchmark to calculate the import duty of various edible oils imported into the country and this has led to an increase in the effective import duty on such imported edible oils, market insiders said. Such tariff value has been raised from ૩૪૬ 15 to ૩૫૯ 16 for crude palm oil. The price of palmolin has gone up by ૩૮૫ 12 to તથા 16 and soyoil has gone up by 16 to 16. As a result, the effective import duty has been increased from Rs 3 to Rs 5 per tonne, experts said. Meanwhile, in the Mumbai spot market today, the price of 10 kg of cingulum oil was Rs 15 and cottonseed oil was Rs 150. On the Saurash...

(Gujarat News Correspondent) MUMBAI: Despite easing tensions between Russia and Ukraine, NATO is still skeptical about the withdrawal of Russian troops. There were softening views. Small cap stocks were valued by funds, players, and high net worth investors. The benchmark Sensex and Nifty traded lower on profit-booking in banking-finance and metal-mining stocks, as opposed to attractive stocks in consumer durables, oil-gas and healthcare stocks. The Sensex was down 17.5 points at 3.4 and the Nifty spot was down 20.5 points at 17.40. International crude oil prices fell sharply yesterday after reports of a easing of tensions in Ukraine. Nymex crude was up 20 cents at ૮૨ 6.5, up 20 cents. Bankex down 3 points: BOB, AU Small Bank, State Bank, ICICI Bank, Bandhan Bank down The BSE Bankex Index was down 21.6 points at 8.15 on profit-booking in banking-finance stocks today. Bank of Baroda down Rs 2.50 to Rs 105, AU Small Finance Bank down Rs 20.5 to Rs 12.5, State Bank of India down Rs 10....